Marriage Of Slater

160 Cal. Rptr. 686 (1979)

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Nature of the Case

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Facts

H and W were married in February 1958 and separated in December 1975. H, a gynecologist, had been practicing in a partnership (Hayward Medical Group) since 1954. W was unemployed and had no professional skills or work experience; she was attending college at the time of the judgment, studying to become a medical librarian or medical records keeper. The approximate difference between the total net awarded to H ($59,967.14) and W ($11,107.50) was the sum of $48,859.64. H was ordered to execute a promissory note in favor of the wife for $24,430, with interest at the rate of 10 percent per annum, payable annually, and a due date of five years from July 1, 1977. The note was secured by a pledge of H's one-half interest in the partnership investments. The trial court's valuation of H's interest in the group medical practice was determined to be $31,350. W's accountant determined that H's interest in the entire medical partnership was worth over $80,000, with $44,400 specifically attributed to goodwill. H relied on the partnership agreement signed by H and W, which specifically provided that H's partnership could buy back his interest upon his death, withdrawal, or expulsion. The relevant portion of the agreement read: 'The purchase price shall be the partner's interest in the capital account plus the total of the accounts receivable less than six months old. H's share of the capital account was $6,100 and his share of the accounts receivable, less than six months old, was the sum of $25,250, or a total of $ 31,350. H indicated that the goodwill was nonexistent as far as the partnership was concerned. W appealed.